Range Resources Sold Shares
Range Resources (RRL)
(Month sold: January 2011)
Red Hot Penny Shares made a 111% gain…
As ever the decision to sell out of a share involves an assessment of the value and prospects of the company relative to its share price today, with some appreciation of market sentiment taken into consideration.
As a starting point, I take a research note published by Old Park Lane Capital on November 18th. It placed a value on the shares of 14.1p. This comprised 2.9p for the Georgian interests, 6.7p for Puntland and 4.5p for North America.
I would not quibble with the 4.5p for North America. But in view of the postponement to drilling in Puntland and the very considerable political risks in that area I prefer not to have to rely upon any assumed value from here. In any case the big near term issue for Range is Georgia.
Here there is an estimated 2bn of oil in place. However Range's share of this is only 50%. Next Old Park Lane assumes that only 30% is recoverable; that its chance of drilling success is 1 in 12; that the value of oil-in-the-ground is $5.85 per barrel. It then discounts the resulting figure by 50% to allow for political/market risk. After all of this it calculates that the value of Range's Georgia interests are worth 2.9p per share.
Assuming zero for Puntland, 4.5p for America and 2.9p for Georgia we have a value per share of 7.4p. Of course it is possible that Range will have drilling success in Georgia and that could certainly add value. On the other hand if does not find oil then its Georgian interests will have little if any value.
The share price is now above the 7.4p 'base case' implying that it already includes some 'hope value'. I also note that the share price added 50% in December. Clearly a number of speculative investors have boarded the shares in the hope of some good news this year, and that has pushed the price up sharply despite the fact that there has been no concrete news from Range that has increased the company's value.
On balance, then, I have decided to bank a 100% gain since June. SELL
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12 month performance for the 5 years to May 2012
May 2011 – April 2012
| Company Name | FT Sector | Date Sold | Buy Price (p) | Sale price (p) | Gain or Loss |
|---|---|---|---|---|---|
| Synairgen (SNG) | Biotechnology | Apr-12 | 25.75 | 52.00 | 102% |
| Summit Corporation (SUMM) | Biotechnology | Apr-12 | 6.75 | 3.25 | -52% |
| Mediterranean Oil & Gas (MOG) | Oil & Gas | Apr-12 | 10.63 | 5.50 | -48% |
| Pivot Entertainment (PVT) | Media | Apr-12 | 23.00 | 12.50 | -46% |
| Firestone Diamonds (FDI) | Mining | Mar-12 | 33.75 | 8.63 | -74% |
| Quinddell Portfolio (QPP) | Support Services | Jan-12 | 2.88 | 6.75 | 134% |
| Mountfield Group (MOGP) | Software & Computer | Jan-12 | 2.13 | 1.38 | -35% |
| Aurelian Oil & Gas (AUL) | Oil & Gas Producers | Jan-12 | 78.00 | 17.50 | -78% |
| Mobile Streams (MOS) | Software & Computer | Jan-12 | 22.50 | 14.00 | -38% |
| Global Brands (GBR) | Retail | Dec-11 | 1.88 | 0.40 | -79% |
| Brightside Group (BRT) | Financial Services | Dec-11 | 37.00 | 21.75 | -30% |
| ClearStream Technologies (CTN) | Healthcare & Equipment | Oct-11 | 27.50 | 85.00 | 209% |
| Zincox (ZOX) | Support Services | Sep-11 | 57.25 | 60.75 | 6% |
| Symphony Environment (SYM) | Support Services | Sep-11 | 10.00 | 10.75 | 8% |
| Manx Financial (MFX) | General Financial | Sep-11 | 11.25 | 9.13 | -19% |
| Gemfields (GEM) | Mining | Jul-11 | 9.25 | 27.75 | 200% |
| Software Radio Technology (SRT) | Software & Computer | Jun-11 | 4.63 | 37.00 | 700% |
| Accsys Technologies (AXS) | Industrial Suppliers | Jun-11 | 0.27 | 0.15 | -44% |
| Noventa (NVTA) | Mining | Jun-11 | 235.00 | 66.00 | -72% |
| SocialGo (SGO) | Software & Computer | Jun-11 | 1.13 | 2.28 | 102% |
May 2010 - April 2011
| Company Name | FT Sector | Date Sold | Original Price (p) | Sale price (p) | Gain or Loss |
|---|---|---|---|---|---|
| PresidentPetroleum (PPC) | Oil & Gas Producers | Apr-11 | 59.50 | 24.75 | -58% |
| PureCircle (PURE) | Food Producers | Mar-11 | 161.00 | 99.50 | -38% |
| Vatukoula Gold Mines (VGM) | Mining | Mar-11 | 139.00 | 139.75 | 1% |
| Altona Energy (ANR) | Mining | Feb-11 | 7.33 | 11.88 | 62% |
| CSF Group (CSFG) | Support Services | Feb-11 | 59.00 | 71.00 | 20% |
| Medgenics (MEDU) | Biotechnology | Feb-11 | 332.50 | 255.00 | -23% |
| Berkeley Mineral Resources (BMR) | Mining | Jan-11 | 1.58 | 6.18 | 291% |
| Arian Silver (AGQ) | Mining | Jan-11 | 30.50 | 46.00 | 51% |
| Alliance Pharma (APH) | Pharmaceuticals | Jan-11 | 29.50 | 33.50 | 14% |
| Range Resources (RRL) | Oil & Gas | Jan-11 | 4.25 | 8.95 | 111% |
| Plethora Solutions (PLE) | Parmaceuticals | Jan-11 | 13.00 | 10.00 | -23% |
| Iomart (IOM) | Software & Computer | Jan-11 | 45.50 | 90.00 | 98% |
| Zoo Digital (ZOO) | Software & Computer | Nov-10 | 25.50 | 64.0 | 151% |
| Bango (BGO) | Software & Computer | Nov-10 | 39.00 | 149.50 | 283% |
| AFC Energy (AFC) | Technology | Nov-10 | 14.00 | 66.00 | 371% |
| Forum Energy (FEP) | Medical Supplies | Oct-10 | 68.50 | 73.0 | 7% |
| ViaLogy (VIY) | Software & Computer | Sep-10 | 4.88 | 3.88 | -20% |
| Kea Petroleum (KEA) | Oil & Gas | Jul-10 | 13.63 | 16.5 | 21% |
| Avacta (AVCT) | Biotechnology | Jul-10 | 1.50 | 0.99 | -34% |
| African Medical Investments (AMEI) | Healthcare & Equipment | Jul-10 | 21.00 | 16.5 | -21% |
| Energybuild (EBG) | Coal Mining | Jun-10 | 30.50 | 24.25 | -20% |
| Puricore (PURI) | Healthcare & Equipment | May-10 | 13.25 | 9.25 | -30% |
| Supercart (SC.) | Industrial Suppliers | Jun-10 | 14.25 | 8.75 | -39% |
| Matra Petroleum (MTA) | Oil & Gas Producers | May-10 | 3.36 | 2.15 | -41% |
| WIN (WNN) | Mobile Telecommunications | May-10 | 72.50 | 130 | 79% |
| Agriterra (AGTA) | Food Producers | May-10 | 4.50 | 4.3 | -4% |
May 2009 - April 2010
| Company Name | FT Sector | Date Sold | Original Price (p) | Sale price (p) | Gain or Loss |
|---|---|---|---|---|---|
| Corac (CRA) | Industrial Machinery | Apr-10 | 41.50 | 23.5 | -43% |
| Watermark (WET) | Water | Apr-10 | 0.80 | 0.58 | -28% |
| Polo Resources (PRL) | Coal Mining | Apr-10 | 2.70 | 5.33 | 97% |
| Lo-Q (LOQ) | Recreation Services | Apr-10 | 67.50 | 131.5 | 95% |
| Lipoxen (LPX) | Pharmaceuticals | Apr-10 | 12.25 | 7.5 | -39% |
| Verona Pharma (VRP) | Biotechnology | Mar-10 | 2.25 | 14.25 | 533% |
| Powerflute (POWR) | Forestry and Paper | Mar-10 | 71.25 | 27 | -62% |
| Cinpart (CINP) | Electrical & Electronic Equip | Mar-10 | 7.75 | 14.5 | 87% |
| Byotrol (BYOT) | Speciality Chemicals | Mar-10 | 27.50 | 27.5 | 0% |
| Imaginatik (IMTK) | Software & Computer | Jan-10 | 5.00 | 6.25 | 25% |
| IQE (IQE) | Semiconductors | Jan-10 | 8.38 | 18.5 | 121% |
| Petroceltic (PCI) | Oil & Gas Producers | Jan-10 | 13.88 | 14.25 | 3% |
| Velosi | Oil Equipment and Services | Dec-09 | 144.50 | 84 | -42% |
| TEG Group (TEG) | Industrial Machinery | Dec-09 | 34.50 | 39.5 | 14% |
| IS Pharma (ISPH) | Pharmaceuticals | Dec-09 | 85.00 | 83.25 | -2% |
| Galleon Holdings (GON) | Media | Dec-09 | 16.25 | 12.75 | -22% |
| Advanced Computer Software (ASW) | Software & Computer | Dec-09 | 21.00 | 36 | 71% |
| OPG Power Ventures (OPG) | Electricity | Nov-09 | 23.25 | 87 | 274% |
| Akers Biosciences (AKR) | Medical Supplies | Nov-09 | 16.75 | 12.75 | -24% |
| Concurrent Technologies (CNC) | Computer Hardware | Oct-09 | 44.00 | 42 | -5% |
| Customvis (CUS) | Healthcare & Equipment | Oct-09 | 3.50 | 1.45 | -59% |
| Genetix (GTX) | Healthcare & Equipment | Oct-09 | 41.50 | 68.5 | 65% |
| Penna Consulting (PNA) | Support Services | Oct-09 | 167.50 | 252.5 | 51% |
| Vindon Healthcare (VDN) | Healthcare & Equipment | Oct-09 | 16.50 | 15 | -9% |
| Just Car Clinics (JCR) | Specialty Retailer | Sep-09 | 78.00 | 55.5 | -29% |
| Cryo-Save (CRYO) | Healthcare & Equipment | Sep-09 | 67.50 | 85.5 | 27% |
| Epicure Qatar Equity (EQEO) | Investment Fund | Sep-09 | 57.25 | 41 | -28% |
| CareCapital (CARE) | Real Estate | Sep-09 | 34.50 | 5.13 | -85% |
| Gulf Keystone Petroleum (GKP) | Oil & Gas | Aug-09 | 31.75 | 82 | 158% |
| Earthport (EPO) | Software | Jul-09 | 55.63 | 65.5 | 18% |
| Phorm (PHRM) | Media | Jul-09 | 490.00 | 207.5 | -58% |
| KBC Advanced Techonology (KBC) | Oil Equipment & Services | Jul-09 | 41.00 | 35 | -15% |
| Braemore Resources (BRE) | General Mining | Jun-09 | 8.75 | 4.8 | -45% |
| Norseman Gold (NGL) | Gold Mining | Jun-09 | 17.50 | 34.5 | 97% |
| Driver Group (DRV) | Construction & Materials | Jun-09 | 86.00 | 74.5 | -13% |
| Education Development International (EDD) | Support Services | Jun-09 | 50.75 | 111 | 119% |
| eServ Global (ESG) | Software | May-09 | 40.00 | 19 | -53% |
May 2008 - April 2009
| Company Name | FT Sector | Date Sold | Original Price (p) | Sale price (p) | Gain or Loss |
|---|---|---|---|---|---|
| Independent Media Distribution (IMD) | B'casting/Ent | Apr-09 | 42.00 | 28 | -33% |
| Invocas (INVO) | Speciality Finance | Apr-09 | 63.00 | 39 | -38% |
| Boomerang Plus (BOOM) | Media | Apr-09 | 167.50 | 91 | -45% |
| Strategic Natural Resources (SNRP) | Mining | Apr-09 | 30.25 | 11.5 | -61% |
| Sarantel (SLG) | Telecoms Equipment | Apr-09 | 4.00 | 1.1 | -72% |
| IPSA (IPSA) | Electricity | Apr-09 | 74.00 | 16 | -78% |
| Optare (formerly Darwen) (OPE) | Transport | Apr-09 | 35.00 | 6 | -82% |
| Parkwood Holdings (PKW) | Support Services | Mar-09 | 105.00 | 34.5 | -67% |
| Hydrodec (HYR) | Oil & Gas | Feb-09 | 34.25 | 9.85 | -71% |
| Timestrip (TIME) | Containers * Packaging | Feb-09 | 7.50 | 0.63 | -91% |
| Essentially Group (ESN) | Advertising | Dec-08 | 8.88 | 5.25 | -40% |
| Finsbury Foods (FIF) | Food Producers | Dec-08 | 40.00 | 20.5 | -48% |
| Jetion (JHL) | Elec & Elec Equip | Dec-08 | 92.75 | 34.5 | -62% |
| Qonnectis (QTI) | Computer Services | Dec-08 | 1.73 | 0.4 | -76% |
| Cosentino Wines (MCOZ) | Beverages | Dec-08 | 17.50 | 3.75 | -78% |
| Discover Leisure (DISL) | Leisure | Nov-08 | 22.50 | 0.88 | -96% |
| Eruma (ERU) | Business Support | Oct-08 | 7.75 | 2.88 | -62% |
| Zirax (ZRX) | Speciality Chemicals | Oct-08 | 14.00 | 4.88 | -65% |
| Petmin (PTMN) | Mining | Aug-08 | 21.00 | 24.75 | 17% |
| First Artist (FAN) | Leisure | Jul-08 | 67.50 | 40 | -40% |
| Geong Int'l (GNG) | Software | Jun-08 | 65.50 | 56 | -14% |
| Lupus Capital (LUP) | Specialty Finance | Jun-08 | 170.00 | 45 | -73% |
| TMN (TMN) | Media | May-08 | 40.75 | 41.5 | 1% |
| Netcall (NET) | Software | May-08 | 17.00 | 15.75 | -7% |
May 2007 - April 2008
| Company Name | FT Sector | Date Sold | Original Price (p) | Sale price (p) | Gain or Loss |
|---|---|---|---|---|---|
| PROACTIS (PHD) | Software & Computer Services | Apr-08 | 46.50 | 26 | -44.09% |
| Caledon Resources (CDN) | Mining | Apr-08 | 43.5 | 61.75 | 41% |
| Energy Asset Management (EAM) | Business Support | Mar-08 | 1.15 | 1.1 | -4% |
| Alkane Energy (ALK) | Oil & Gas | Mar-08 | 16.75 | 15.25 | -8% |
| Serabi Mining (SRB) | Mining | Mar-08 | 18.75 | 15.75 | -16% |
| Myhome International (MYH) | Support Services |
Feb-08 | 13.75 | 25 | 81% |
| Ukrproduct (UKR) | Food Producers | Jan-08 | 57.25 | 89.5 | 56% |
| BBI Holdings (BBI) | General Mining | Dec-07 | 106.00 | 187 | 76% |
| CBG (CB.) | Insurance Brokers | Dec-07 | 131.5 | 183 | 39% |
| Elektron (EKT) | Electricals | Nov-07 | 14.25 | 18.25 | 28% |
| Curidium Medica (CUR) | Biotechnology | Nov-07 | 3.25 | 4 | 23% |
| GoIndustry (GOI) | Industrial Suppliers | Nov-07 | 15 | 13.5 | -10% |
| Pilat Media (PGB) | Software | Nov-07 | 56.50 | 43.5 | -23% |
| Intercytex (ICX) | Biotech | Nov-07 | 61.00 | 45.5 | -25% |
| Netplay TV (NPT) | Media | Oct-07 | 28.25 | 22.75 | -19% |
| Business Direct Group (BDG) | Support Services | Oct-07 | 3.5 | 2.13 | -39% |
| Mediasurface (MSR) | Software | Oct-07 | 17.25 | 8.5 | -50% |
| Powerleague (PWR) | Leisure |
Sep-07 | 66.00 | 104.00 | 57.58% |
| DCD Media (DCD) | Broadcasting&Entertainment | Sep-07 | 114.00 | 75.00 | -34.21% |
| TEG Environmental (TEG) | Engineering&Machinery |
Sep-07 | 55.00 | 102.5 | 86% |
| Worthington Nicholls (WNG) | Building | Jul-07 | 51.50 | 112.5 | 118% |
| International Nuclear Sol'uns (INS) | Waste & Disposal Services | Jul-07 | 42.50 | 63.5 | 49% |
| SectorGuard (SGD) | Business Support | Jul-07 | 4.12 | 3.5 | -15% |
| Tanfield Group (TAN) | Engineering |
Jun-07 | 18.00 | 152.5 | 747% |
| Vialogy (VIY) (Formerly Original Investments OIP) | Specialty Finance | May-07 | 4.75 | 14.125 | 197% |
| Europa Oil & Gas (EOG) | Exploration&Production | May-07 | 25.50 | 25 | -1% |
| Invu (NVUK) (*NVUK.L on yahoo) | Software |
Apr-07 | 14.25 | 27.5 | 92% |
Correct at at 04/05/12. The past is not a reliable indicator of future performance.
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